What is product lifecycle management (PLM)? | SAP Insights

A PLM system gives designers and engineers access to the critical data they need in real time. The system streamlines project management by linking CAD (computer-aided design) data with a bill of materials and other enterprise data sources, such as integration with an ERP system, and manages this product data through all stages of the product development lifecycle.

PLM also prevents designers and engineers from operating in a disconnected vacuum, giving them insight into external sources of information like customer and analyst feedback on current products, performance data on products in the field, and visibility into the limitations of downstream processes like manufacturing.

A PLM system also benefits teams beyond design and engineering. It can provide ‘single source of truth’ visibility to business stakeholders and/or suppliers for easy delivery of feedback early in the product development process.